Not a typo. The newest development to break ground will have units starting in the $300s. Yes, in this market. The condo building is called Perla, and located in the condo-starved Historic Core of DTLA, on the northern end of Broadway. Presales to start at the end of 2018.
There's a catch of course. They will be small by L.A. standards--around the 400-500sf size for the ones priced in the $300s. I think it's one of the smartest moves by a developer to disrupt what's going on in Downtown currently. There is pent up demand for housing that is more affordable, and at these price points, those shut out of the market completely due to prices averaging $700k, will now be able to get something to own instead of blowing money on rent. This is also addressing a growing number of urbanites who just want a home base and require a lot less space.
Neighbors include Grand Central Market, Blue Bottle Cafe, Spring Restaurant, DTLA Vets, Birds & Bees, Klaxons and more.
